Perella Weinberg Partners (PWP) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenues were $148.9 million, down 30% year-over-year due to fewer fee-paying clients and lower transaction completions, but client engagement and pipeline are at multi-year highs.

• Adjusted pre-tax loss was $3 million, GAAP pre-tax loss was $11 million, and adjusted EPS was $0.05 for the quarter.

• Net loss attributable to shareholders was $1.5 million, compared to net income of $17.3 million in Q1 2025.

• The acquisition of Gleacher Shacklock expands UK and European presence, with further senior hires and integration of Devon Park Advisors.

• Nearly $64 million was returned to equity holders through dividends and share repurchases, and a $0.07 per share quarterly dividend was declared.

Financial highlights

• Q1 2026 revenues: $148.9 million, down from $211.8 million in Q1 2025.

• Adjusted total compensation and benefits: $117.1 million (79% of revenues), down from $141.9 million (67%).

• Adjusted non-compensation expenses: $37.4 million, down from $49.3 million; GAAP non-compensation expenses: $39.8 million.

• Cash and cash equivalents at March 31, 2026: $77.7 million; no debt; $50 million revolving credit facility undrawn.

• Returned $63.8 million to equity holders via share repurchases and dividends in Q1 2026.

Outlook and guidance

• Management expects revenue to be weighted toward the second half of the year, with a strong pipeline and high client engagement.

• Compensation margin is expected to normalize to the historical 67% target as revenues build through the year.

• Continued investment in platform scale, client relationships, and senior hiring, with a focus on geographic and product diversification.

• The acquisition of Gleacher Shacklock LLP is expected to close in the second half of 2026, pending regulatory approval.

• No specific quarterly revenue guidance provided, but management anticipates a progression similar to 2024, with a strong back half.